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Guideline for Creating a Paper Bitcoin Wallet

A paper wallet is one the most popular and safest options to store your bitcoins. But before we go into the details paper wallet, we’d want you to know what is a Bitcoin wallet and why do you need one.

Bitcoin Wallet:

A Bitcoin wallet is a digital wallet that is used to store coins and make transactions; similar to a traditional bank account.

The wallet consists of two keys: A public key and a private key.

  • Public key: Your address on which other users send coins to you.
  • Private key: Which you use to send bitcoins to others. They key is kept private and only the owner of the wallet knows about it.

The combination of public and private key is what makes a bitcoin transaction possible.

It is important that no one knows about your private key , otherwise, it would give some unwanted entities the access to your wallet, which puts your coins at the risk of theft.

So, if you are using an online or an offline wallet, you’ll be vulnerable to hacking/malware attacks as your keystrokes can easily be logged.

Moreover, a stolen PC or losing your hard drive means you can wave bye to your digital assets for good.

Utilized with care, a paper wallet can shield you against these possibilities.

What is a Paper Wallet?

A paper wallet consists of the public and private keys that make up the wallet in a documented form.

It often has a QR code, so that you can quickly scan it and add the keys into a wallet to perform a transaction.

The prime benefit of having a paper wallet is that it doesn’t store the keys digitally; making it immune to cyber-attacks or a hardware failure.

A downside of the paper wallet is that it’s delicate and must be kept away fire and water.

How to Create a Paper Wallet:

  • Open your favorite browser and go to BitAddress.org
  • After typing some random characters to create randomness, you will be presented with a QR code, a private key, and a public key.
  • Click the tab “paper wallet”
  • Select the number of addresses to generate
  • Click “generate” button for creating new wallets
  • Once the wallet is generated, print it out to make a hard copy
  • Make a note of public addresses
  • Scan the QR code in your Bitcoin app to start depositing funds

What Are Some Security Tips for Paper Wallet?

Due to the fact that these wallets are used to save large amounts of money, it’s necessary to take precautions and make it as secure as possible.

The list of some useful tips for protecting your bitcoin wallet (paper) includes:

  • Make sure no one sees you while creating a wallet
  • BitAdress uses an algorithm named BIP38 to support encryption of private keys. The algorithm utilizes two-factor authentication i.e. something you have (paper wallet) and a passphrase.
  • Use a clean operating system such as Ubuntu to eliminate the risk of a spyware monitoring your activity.
  • Laminate your wallet or store it in a sealed plastic bag to protect it from water/damp.
  • Store it in a locker to protect it from theft.

Follow these tips and your paper wallet would be safer than ever.

To make sure your wallet is safer than ever, read our tips on how to secure a Bitcoin wallet.

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10 Things to Know about Bitcoin

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Anonymous- is it?

Unlike the myth and fallacy surrounding the concept, bitcoin is not really anonymous. Yes, you heard it right! Hackers and these cyber criminals can get into almost anything. Just not them, the government too. They can trace down almost anything that comes up on the internet cloud.

The data nodes collected on Bitcoin network can help determine the location where the data originated from.

Countries regarding Bitcoin

Due to its uninfluential and independent nature, a lot of government bodies are not in favor of this digital money. It is mainly because it is not in their control. They also see it as a threat to their monetary value. Countries like Japan and Australia see Bitcoin as any other currency. While countries that have unsteady monetary values like Jordan and Lebanon have official statement discouraging the use of the Bitcoin.

Limited Coins

The founder of the Bitcoin-only made a fixed amount of these Coins. There are exactly 21 million mines that are available. But they are not all circulated yet. Only 16 million are mined up till now and these are being circulated around. More and more coins are being mined every day by the miners though.

Monopoly, but not Only

Being the pioneer and the head start of the idea, Bitcoin enjoys more media coverage and attention than most of the other cryptocurrencies. But there are more cryptocurrencies actively operating too. Ether, DentaCoin, and Litecoin Cash are also taking place and recognition in the crypto market.

Bitcoin- more popular than you might know

‘The New Gold’ – That’s what the world sees Bitcoin today. The immense popularity and power this decentralized currency is emerging with have enforced governments to put their heads in the Bitcoin world. Superpowers like China and Japan have entered this Armageddon and are supporting and helping the mining of these coins.

Bitcoin By?

Satoshi Nakamoto, a pseudonym behind the whole idea was thought to be a Japanese. There are a number of theories surrounding the emergence of these coins, but there is not a final concluded verdict supporting the impression.

A lot of theories are evolving the name of NSA in the matter but none are openly talking about it. A higher speculation claims that an American computer scientist and cryptographer, Nick Szabo is the real inventor. The claims have been thoroughly denied.

It’s not just used on the black market

Its seen as a common practice that the criminals tend to use a new tech quicker and adapt it more often than the normal citizens. The greatest attraction for these black marketeers was that it had anonymity linked to it no matter where the transaction goes.

But these transactions are not only limited to such users only. Companies like Dell, Microsoft, REEDS Jewelers and Expedia, all accept Bitcoins as means of transaction.

The FBI- largest Bitcoin wallets

FBI accomplished to shut down a major black-market site a few years back. ‘Silk Road’ was one of the largest site operating a great deal of illegal and unlawful activities. The transactions on that site were carried by using Bitcoins. All the coins being circulated were indirectly acquired by the FBI.

FBI now holds around 1.5% of the total coins being circulated in the world. Considering the ownership of a limited number of people in the affair, it surely is quite a lot of share.

Bitcoin- where on your taxes?

The emergence of Bitcoins and other cryptocurrencies has already put governments and financial security agencies at the higher stake. According to Internal Revenue Services (IRS), the U.S government has started to acknowledge these coins as currencies. The IRS categorizes it as current assets like bonds and stocks. So, according to the statement, tax regulations apply to these, as to the other current assets. A tax payable due!

the most expensive pizza

the worlds most expensive pizza was purchased by Laszlo Hanyecz. But how expensive was it? It was more than $198 million! Yes, it was! How did it even happen? So, here is how:

the first legal purchase was done by this person, Laszlo Hanyecz, from Papa Jones. He was a computer programmer and coin holder. He ordered a pizza and decided to pay in Bitcoins. He paid 10,000 Bitcoins which were equivalent to $40 at that time. But today, it cost him in millions! Pretty expensive pizza, right?

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Bitcoin Goes Past $4,000, Again! Next Stop $5,000?

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Bitcoin’s back at it again with a major boost crossing $4,000.

Image credits: Bitcoin.com

 

It’s really become a routine for bitcoin owners to wake up to a different price almost every day.

The price of bitcoin has been a bit stationery ever since China regulators announced a ban on ICOs and shut down of BTCChina by October. It tumbled down to $3,700 from $4,000 and remained in that range for the past two weeks.

But, now with the price coming around $4,050 and rising, it’s not too early to say that Bitcoin is back in the game. There hasn’t been an instance where bitcoin has failed to make a come-back and this was definitely one of those times.

So, what’s prompted this latest rally? It’s possible that the speculation of China’s exchange shut down is just temporary, especially since it was never formally announced. But regardless, this just proves that Bitcoin can survive without China and is resistant to the activities of a country.

Next stop, $5,000?

The bitcoin rally we experienced on Wednesday has assured several Bitcoin analysts and traders that if the current upward descent is maintained, we might see a $5,000 hit soon.

A well-known bitcoin trader and investor, Tuur Demeester, also distinguished that if the trading volume in Japan, South Korea, Europe and the US sustains, we could be in for another strong rally in the near future.

News Credits: steemit.com

Tags: Bitcoin news

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Top 7 Tips to Secure Your Bitcoin Wallet

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Secure Your Bitcoin Wallet

If you are a Bitcoin user, you would know that how important a Bitcoin wallet is. It is used to store all your Bitcoin assets and make transactions with other users.

Due to its significance, hackers, con artists, and thieves are always after your wallet. They develop different techniques to get into your wallet and steal your coins.

Most bitcoin users nowadays lack the knowledge as to how to keep their wallets from these attacks. As a result, they end up losing their assets. And since there is no way to track these tricksters, once you lose your coins, consider them gone for good.

In this post, we are going to discuss the most useful ways to protect your wallet, and hence the coins.

Check out our guide on what are the safest Bitcoin wallets to use to be more secure.

Bitcoin Wallet Protection Tips:

  1. Never use it on a smartphone: Smartphones are prone to hacking and theft. They can easily be hacked through the apps we download or even the mobile camera. So, if you want to protect the bitcoin wallet, stop trading it through smartphones.
  1. Versatile Bitcoin client: It hides users’ IP address and changes their address with each transaction. It also hides your privacy in public protocols, making it less vulnerable to third-party attacks.
  1. Identity protection: Avoid giving away your information on social platforms and try to keep your wallet key only to yourself.
  1. Encryption: Since your wallet is stored on virtual sites, it’s necessary to protect it with a strong password. If you are struggling to create a strong password, DESlock+ can help you create it and encrypt your bitcoin wallets from theft.
  1. Backup Your Wallet: Keep backups of your wallet. The information stored in the wallet is what all your bitcoin transactions are based on. Losing it without having a backup would mean that the information is gone forever. (Learn how to backup a Bitcoin wallet)
  1. Escrow service: Bitcoin transactions are irreversible and involve interactions with untrusted parties. In situations like this “Bitcoin Escrow Service” comes in handy. What happens here is that the buyer sends bitcoins to the Escrow service and the seller sends the product across to the buyer. After receiving the product, the buyer gives green signal to the escrow agent that he can make payment to the seller. The escrow service is considered to be one of the safest and error proof methods of bitcoin transactions. (Here are some of the best Bitcoin escrow services you might want to use)
  1. Multi-signature addresses: This method is extremely useful, especially when multiple users are using the same wallet. Multi-signature addresses prevent the misuse of wallet by an anonymous user. It requires signatures of all users, which helps to inform the signers that a transaction is being made.

Conclusion:

These are some important tips to protect your wallet against cyber-attacks. In conclusion, don’t use it smartphones, don’t publicize your keys, use strong passwords, always have a backup, use escrow service and multi-signature system.

Remember, a Bitcoin wallet address is the most important aspect of your Bitcoin venture. Its security must be on top of your priority list. And to make sure it’s perfectly secured, follow the tips that are discussed in this article.

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